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#  INTRODUCTION: Bureau of the Fiscal Service Operations

Chapter 31 of Title 31 of the United States Code allows the Secretary of Treasury to borrow money by issuing Treasury securities. The Secretary determines the terms and conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years. Bonds mature in more than 10 years from the issue date. Each outstanding marketable security is listed in the “Monthly Statement of the Public Debt of the United States.” The information in this section of the “Treasury Bulletin” pertains only to marketable Treasury securities.

The Bureau of the Fiscal Service is a new bureau within the Treasury Department, formed on October 7, 2012, from the consolidation of the Financial Management Service and the Bureau of the Public Debt. Our mission is to promote the financial integrity and operational efficiency of the U.S. government through exceptional accounting, financing, collections, payments, and shared services. As one bureau, the organization is better positioned to help transform financial management and the delivery of shared services in the federal government. The bureau will be a valued partner for agencies as they work to strengthen their own financial management or as they look for a quality service provider who can allow them to focus on their missions.

Table **PDO-1**presents the results of weekly auctions of 4-, 13-, and 26-week bills. Treasury bills mature each Thursday. Issues of 4- and 13-week bills are *reopenings* of 26-week bills. High rates on accepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both competitive and noncompetitive basis.

To encourage the participation of individuals and smaller institutions, Treasury accepts noncompetitive tenders of up to $5 million in each auction of securities.

Table **PDO-2** lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Issues of *cash management* bills also are presented.

**Note:**On July 31, 2013, Treasury published amendments to its marketable securities auction rules to accommodate the auction and issuance of Floating Rate Notes (FRNs). An FRN is a security that has an interest payment that can change over time. Treasury FRNs will be indexed to the most recent 13-week Treasury bill auction High Rate, which is the highest accepted discount rate in a Treasury bill auction. FRNs will pay interest quarterly.

# TREASURY FINANCING: OCTOBER-DECEMBER

[Source: Bureau of the Fiscal Service, Division of Financing Operations]

**OCTOBER**

**Auction of 19-Year 11-Month 4-3/8 Percent Bonds**

On September 14, 2023, Treasury announced it would auction $13,000 million of 19-year 11-month 4-3/8 percent bonds. The issue was to refund $112,444 million of securities maturing September 30 and to raise new cash of approximately $34,556 million. 

The 19-year 11-month 4-3/8 percent bonds of August 2043 were dated August 15 and issued October 2. They are due August 15, 2043, with interest payable on February 15 and August 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon Eastern Time (ET) for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on September 19. Tenders totaled $35,571 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.592 percent with an equivalent price of $97.182044. Treasury accepted in full all competitive tenders at yields lower than 4.592 percent. Tenders at the high yield were allotted 16.45 percent. The median yield was 4.538 percent, and the low yield was 4.470 percent. Noncompetitive tenders totaled $57 million. Competitive tenders accepted from private investors totaled $12,943 million. Accrued interest of $5.70652 per $1,000 must be paid for the period from August 15 to October 2. The minimum par amount required for Separate Trading of Registered Interest and Principal Securities (STRIPS) of bonds of August 2043 is $100. 

**Auction of 2-Year Notes**

On September 21, 2023, Treasury announced it would auction $48,000 million of 2-year notes. The issue was to refund $112,444 million of securities maturing September 30 and to raise new cash of approximately $34,556 million. 

The 2-year notes of Series BH-2025 were dated September 30 and issued October 2. They are due September 30, 2025, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 5 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on September 26. Tenders totaled $130,923 million; Treasury accepted $48,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.085 percent with an equivalent price of $99.840020. Treasury accepted in full all competitive tenders at yields lower than 5.085 percent. Tenders at the high yield were allotted 60.59 percent. The median yield was 5.030 percent, and the low yield was 4.950 percent. Noncompetitive tenders totaled $830 million. Competitive tenders accepted from private investors totaled $47,171 million. Accrued interest of $0.27322 per $1,000 must be paid for the period from September 30 to October 2. The minimum par amount required for STRIPS of notes of Series BH-2025 is $100. 

**Auction of 5-Year Notes**

On September 21, 2023, Treasury announced it would auction $49,000 million of 5-year notes. The issue was to refund $112,444 million of securities maturing September 30 and to raise new cash of approximately $34,556 million. 

The 5-year notes of Series AD-2028 were dated September 30 and issued October 2. They are due September 30, 2028, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 4-5/8 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on September 27. Tenders totaled $123,585 million; Treasury accepted $49,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.659 percent with an equivalent price of $99.849471. Treasury accepted in full all competitive tenders at yields lower than 4.659 percent. Tenders at the high yield were allotted 72.31 percent. The median yield was 4.599 percent, and the low yield was 4.530 percent. Noncompetitive tenders totaled $176 million. Competitive tenders accepted from private investors totaled $48,824 million. Accrued interest of $0.25273 per $1,000 must be paid for the period from September 30 to October 2. The minimum par amount required for STRIPS of notes of Series AD-2028 is $100. 

**Auction of 7-Year Notes**

On September 21, 2023, Treasury announced it would auction $37,000 million of 7-year notes. The issue was to refund $112,444 million of securities maturing September 30 and to raise new cash of approximately $34,556 million. 

The 7-year notes of Series Q-2030 were dated September 30 and issued October 2. They are due September 30, 2030, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 4-5/8 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on September 28. Tenders totaled $91,219 million; Treasury accepted $37,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.673 percent with an equivalent price of $99.715829. Treasury accepted in full all competitive tenders at yields lower than 4.673 percent. Tenders at the high yield were allotted 92.57 percent. The median yield was 4.600 percent, and the low yield was 4.540 percent. Noncompetitive tenders totaled $91 million. Competitive tenders accepted from private investors totaled $36,909 million. Accrued interest of $0.25273 per $1,000 must be paid for the period from September 30 to October 2. The minimum par amount required for STRIPS of notes of Series Q-2030 is $100. 

**Auction of 42-Day Cash Management Bills**

On September 28, 2023, Treasury announced it would auction $65,000 million of 42-day bills. They were issued October 5 and matured November 16. The issue was to refund $206,962 million of all maturing bills and to raise new cash of approximately $37,038 million. Treasury auctioned the bills on October 3. Tenders totaled $159,660 million; Treasury accepted $65,000 million, including $197 million of noncompetitive tenders from the public. The high bank discount rate was 5.330 percent. 

**Auction of 52-Week Bills**

On September 28, 2023, Treasury announced it would auction $44,000 million of 364-day Treasury bills. They were issued October 5 and will mature October 3, 2024. The issue was to refund $206,962 million of all maturing bills and to raise new cash of approximately $37,038 million. Treasury auctioned the bills on October 3. Tenders totaled $141,431 million; Treasury accepted $44,000 million, including $1,826 million of noncompetitive tenders from the public. The high bank discount rate was 5.185 percent. 

In addition to the $44,000 million of tenders accepted in the auction process, Treasury accepted $3,249 million from Federal Reserve Banks (FRBs) for their own accounts. 

**Auction of 43-Day Cash Management Bills**

On October 5, 2023, Treasury announced it would auction $70,000 million of 43-day bills. They were issued October 12 and matured November 24. The issue was to refund $217,978 million of all maturing bills and to pay down approximately $8,978 million. Treasury auctioned the bills on October 10. Tenders totaled $191,460 million; Treasury accepted $70,000 million, including $175 million of noncompetitive tenders from the public. The high bank discount rate was 5.360 percent. 

**Auction of 3-Year Notes**

On October 5, 2023, Treasury announced it would auction $46,000 million of 3-year notes. The issue was to refund $39,564 million of securities maturing October 15 and to raise new cash of approximately $61,436 million. 

The 3-year notes of Series AT-2026 were dated October 15 and issued October 16. They are due October 15, 2026, with interest payable on April 15 and October 15 until maturity. Treasury set an interest rate of 4-5/8 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 10. Tenders totaled $117,851 million; Treasury accepted $46,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.740 percent with an equivalent price of $99.681877. Treasury accepted in full all competitive tenders at yields lower than 4.740 percent. Tenders at the high yield were allotted 94.40 percent. The median yield was 4.670 percent, and the low yield was 4.630 percent. Noncompetitive tenders totaled $213 million. Competitive tenders accepted from private investors totaled $45,787 million. Accrued interest of $0.12637 per $1,000 must be paid for the period from October 15 to October 16. The minimum par amount required for STRIPS of notes of Series AT-2026 is $100. 

**Auction of 9-Year 10-Month 3-7/8 Percent Notes**

On October 5, 2023, Treasury announced it would auction $35,000 million of 9-year 10-month 3-7/8 percent notes. The issue was to refund $39,564 million of securities maturing October 15 and to raise new cash of approximately $61,436 million. 

The 9-year 10-month 3-7/8 percent notes of Series E-2033 were dated August 15 and issued October 16. They are due August 15, 2033, with interest payable on February 15 and August 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 11. Tenders totaled $87,508 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.610 percent with an equivalent price of $94.231522. Treasury accepted in full all competitive tenders at yields lower than 4.610 percent. Tenders at the high yield were allotted 92.26 percent. The median yield was 4.530 percent, and the low yield was 4.470 percent. Noncompetitive tenders totaled $84 million. Competitive tenders accepted from private investors totaled $34,916 million. Accrued interest of $6.52853 per $1,000 must be paid for the period from August 15 to October 16. The minimum par amount required for STRIPS of notes of Series E-2033 is $100. 

**Auction of 29-Year 10-Month 4-1/8 Percent Bonds**

On October 5, 2023, Treasury announced it would auction $20,000 million of 29-year 10-month 4-1/8 percent bonds. The issue was to refund $39,564 million of securities maturing October 15 and to raise new cash of approximately $61,436 million. 

The 29-year 10-month 4-1/8 percent bonds of August 2053 were dated August 15 and issued October 16. They are due August 15, 2053, with interest payable on February 15 and August 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 12. Tenders totaled $46,975 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.837 percent with an equivalent price of $88.806438. Treasury accepted in full all competitive tenders at yields lower than 4.837 percent. Tenders at the high yield were allotted 22.14 percent. The median yield was 4.740 percent, and the low yield was 4.650 percent. Noncompetitive tenders totaled $32 million. Competitive tenders accepted from private investors totaled $19,968 million. Accrued interest of $6.94973 per $1,000 must be paid for the period from August 15 to October 16. The minimum par amount required for STRIPS of bonds of August 2053 is $100. 

**Auction of 42-Day Cash Management Bills**

On October 12, 2023, Treasury announced it would auction $75,000 million of 42-day bills. They were issued October 19 and matured November 30. The issue was to refund $217,980 million of all maturing bills and to raise new cash of approximately $20 million. Treasury auctioned the bills on October 17. Tenders totaled $233,735 million; Treasury accepted $75,002 million, including $239 million of noncompetitive tenders from the public. The high bank discount rate was 5.325 percent. 

**Auction of 42-Day Cash Management Bills**

On October 19, 2023, Treasury announced it would auction $75,000 million of 42-day bills. They were issued October 26 and matured December 7. The issue was to refund $217,949 million of all maturing bills and to raise new cash of approximately $51 million. Treasury auctioned the bills on October 24. Tenders totaled $225,381 million; Treasury accepted $75,001 million, including $177 million of noncompetitive tenders from the public. The high bank discount rate was 5.300 percent. 

**Auction of 19-Year 10-Month 4-3/8 Percent Bonds**

On October 12, 2023, Treasury announced it would auction $13,000 million of 19-year 10-month 4-3/8 percent bonds. The issue was to refund $178,344 million of securities maturing October 31 and to raise new cash of approximately $23,656 million. 

The 19-year 10-month 4-3/8 percent bonds of August 2043 were dated August 15 and issued October 31. They are due August 15, 2043, with interest payable on February 15 and August 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 18. Tenders totaled $33,618 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.245 percent with an equivalent price of $89.352074. Treasury accepted in full all competitive tenders at yields lower than 5.245 percent. Tenders at the high yield were allotted 79.65 percent. The median yield was 5.186 percent, and the low yield was 5.100 percent. Noncompetitive tenders totaled $87 million. Competitive tenders accepted from private investors totaled $12,913 million. Accrued interest of $9.15421 per $1,000 must be paid for the period from August 15 to October 31. The minimum par amount required for STRIPS of bonds of August 2043 is $100. 

**Auction of 5-Year Treasury Inflation Protected Security (TIPS)**

On October 12, 2023, Treasury announced it would auction $22,000 million of 5-year TIPS. The issue was to refund $178,344 million of securities maturing October 31 and to raise new cash of approximately $23,656 million. 

The 5-year TIPS of Series AE-2028 were dated October 15 and issued October 31. They are due October 15, 2028, with interest payable on April 15 and October 15 until maturity. Treasury set an interest rate of 2-3/8 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 19. Tenders totaled $52,006 million; Treasury accepted $22,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.440 percent with an equivalent adjusted price of $99.921449. Treasury accepted in full all competitive tenders at yields lower than 2.440 percent. Tenders at the high yield were allotted 92.13 percent. The median yield was 2.355 percent, and the low yield was 2.320 percent. Noncompetitive tenders totaled $148 million. Competitive tenders accepted from private investors totaled $21,852 million. Adjusted accrued interest of $1.04059 per $1,000 must be paid for the period from October 15 to October 31. Both the unadjusted price of $99.697130 and the unadjusted accrued interest of $1.03825 were adjusted by an index ratio of 1.00225, for the period from October 15 to October 31. The minimum par amount required for STRIPS of TIPS of Series AE-2028 is $100. 

**Auction of 2-Year Notes**

On October 19, 2023, Treasury announced it would auction $51,000 million of 2-year notes. The issue was to refund $178,344 million of securities maturing October 31 and to raise new cash of approximately $23,656 million. 

The 2-year notes of Series BJ-2025 were dated and issued October 31. They are due October 31, 2025, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 5 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 24. Tenders totaled $134,414 million; Treasury accepted $51,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.055 percent with an equivalent price of $99.896614. Treasury accepted in full all competitive tenders at yields lower than 5.055 percent. Tenders at the high yield were allotted 63.46 percent. The median yield was 5.010 percent, and the low yield was 4.950 percent. Noncompetitive tenders totaled $665 million. Competitive tenders accepted from private investors totaled $50,335 million. The minimum par amount required for STRIPS of notes of Series BJ-2025 is $100. 

**Auction of 2-Year Floating Rate Notes (FRNs)**

On October 19, 2023, Treasury announced it would auction $26,000 million of 2-year FRNs. The issue was to refund $178,344 million of securities maturing October 31 and to raise new cash of approximately $23,656 million. 

The 2-year FRNs of Series BK-2025 were dated and issued October 31. They are due October 31, 2025, with interest payable on January 31, April 30, July 31, and October 31 until maturity. Treasury set a spread of 0.170 percent after determining which tenders were accepted on a discount margin basis. 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET for competitive tenders on October 25. Tenders totaled $83,982 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.170 percent with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at discount margins lower than 0.170 percent. Tenders at the high discount margin were allotted 23.22 percent. The median discount margin was 0.160 percent, and the low discount margin was 0.100 percent. Noncompetitive tenders totaled $26 million. Competitive tenders accepted from private investors totaled $25,975 million. 

**Auction of 5-Year Notes**

On October 19, 2023, Treasury announced it would auction $52,000 million of 5-year notes. The issue was to refund $178,344 million of securities maturing October 31 and to raise new cash of approximately $23,656 million. 

The 5-year notes of Series AF-2028 were dated and issued October 31. They are due October 31, 2028, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 4-7/8 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 25. Tenders totaled $122,956 million; Treasury accepted $52,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.899 percent with an equivalent price of $99.894701. Treasury accepted in full all competitive tenders at yields lower than 4.899 percent. Tenders at the high yield were allotted 48.22 percent. The median yield was 4.819 percent, and the low yield was 4.730 percent. Noncompetitive tenders totaled $210 million. Competitive tenders accepted from private investors totaled $51,790 million. The minimum par amount required for STRIPS of notes of Series AF-2028 is $100. 

**Auction of 7-Year Notes**

On October 19, 2023, Treasury announced it would auction $38,000 million of 7-year notes. The issue was to refund $178,344 million of securities maturing October 31 and to raise new cash of approximately $23,656 million. 

The 7-year notes of Series R-2030 were dated and issued October 31. They are due October 31, 2030, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 4-7/8 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 26. Tenders totaled $102,750 million; Treasury accepted $38,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.908 percent with an equivalent price of $99.806484. Treasury accepted in full all competitive tenders at yields lower than 4.908 percent. Tenders at the high yield were allotted 92.44 percent. The median yield was 4.849 percent, and the low yield was 4.780 percent. Noncompetitive tenders totaled $253 million. Competitive tenders accepted from private investors totaled $37,747 million. The minimum par amount required for STRIPS of notes of Series R-2030 is $100. 

**NOVEMBER**

**Auction of 42-Day Cash Management Bills**

On October 26, 2023, Treasury announced it would auction $75,000 million of 42-day bills. They were issued November 2 and matured December 14. The issue was to refund $206,973 million of all maturing bills and to raise new cash of approximately $55,027 million. Treasury auctioned the bills on October 31. Tenders totaled $211,055 million; Treasury accepted $75,002 million, including $196 million of noncompetitive tenders from the public. The high bank discount rate was 5.295 percent. 

**Auction of 52-Week Bills**

On October 26, 2023, Treasury announced it would auction $44,000 million of 364-day Treasury bills. They were issued November 2 and will mature October 31, 2024. The issue was to refund $206,973 million of all maturing bills and to raise new cash of approximately $55,027 million. Treasury auctioned the bills on October 31. Tenders totaled $127,354 million; Treasury accepted $44,000 million, including $1,539 million of noncompetitive tenders from the public. The high bank discount rate was 5.135 percent. 

In addition to the $44,000 million of tenders accepted in the auction process, Treasury accepted $4,802 million from FRBs for their own accounts. 

**Auction of 42-Day Cash Management Bills**

On November 2, 2023, Treasury announced it would auction $75,000 million of 42-day bills. They were issued November 9 and matured December 21. The issue was to refund $225,000 million of all maturing bills and to pay down approximately $7,000 million. Treasury auctioned the bills on November 7. Tenders totaled $213,291 million; Treasury accepted $75,001 million, including $221 million of noncompetitive tenders from the public. The high bank discount rate was 5.290 percent. 

**November Quarterly Financing**

On Nov 1, 2023, Treasury announced it would auction $48,000 million of 3-year notes, $40,000 million of 10-year notes, and $24,000 million of 30-year bonds to refund $102,174 million of securities maturing November 15, 2023 and to raise new cash of approximately $9,826 million. 

The 3-year notes of Series AU-2026 were dated and issued November 15. They are due November 15, 2026, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 4-5/8 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on November 7. Tenders totaled $128,058 million; Treasury accepted $48,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.701 percent with an equivalent price of $99.789641. Treasury accepted in full all competitive tenders at yields lower than 4.701 percent. Tenders at the high yield were allotted 4.28 percent. The median yield was 4.649 percent, and the low yield was 4.550 percent. Noncompetitive tenders totaled $294 million. Competitive tenders accepted from private investors totaled $47,506 million. 

In addition to the $48,000 million of tenders accepted in the auction process, Treasury accepted $913 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AU-2026 is $100. 

The 10-year notes of Series F-2033 were dated and issued November 15. They are due November 15, 2033, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 4-1/2 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on November 8. Tenders totaled $98,109 million; Treasury accepted $40,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.519 percent with an equivalent price of $99.848482. Treasury accepted in full all competitive tenders at yields lower than 4.519 percent. Tenders at the high yield were allotted 35.97 percent. The median yield was 4.440 percent, and the low yield was 4.400 percent. Noncompetitive tenders totaled $269 million. Competitive tenders accepted from private investors totaled $39,731 million. 

In addition to the $40,000 million of tenders accepted in the auction process, Treasury accepted $761 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series F-2033 is $100. 

The 30-year bonds of November 2053 were dated and issued November 15. They are due November 15, 2053, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 4-3/4 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on November 9. Tenders totaled $53,668 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.769 percent with an equivalent price of $99.698482. Treasury accepted in full all competitive tenders at yields lower than 4.769 percent. Tenders at the high yield were allotted 17.97 percent. The median yield was 4.650 percent, and the low yield was 4.590 percent. Noncompetitive tenders totaled $90 million. Competitive tenders accepted from private investors totaled $23,910 million. 

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $457 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2053 is $100. 

**Auction of 42-Day Cash Management Bills**

On November 9, 2023, Treasury announced it would auction $75,000 million of 42-day bills. They were issued November 16 and matured December 28. The issue was to refund $185,000 million of all maturing bills and to raise new cash of approximately $33,000 million. Treasury auctioned the bills on November 14. Tenders totaled $197,878 million; Treasury accepted $75,000 million, including $210 million of noncompetitive tenders from the public. The high bank discount rate was 5.290 percent. 

**Auction of 41-Day Cash Management Bills**

On November 16, 2023, Treasury announced it would auction $75,000 million of 41-day bills. They were issued November 24 and will mature January 4, 2024. The issue was to refund $192,986 million of all maturing bills and to raise new cash of approximately $25,014 million. Treasury auctioned the bills on November 21. Tenders totaled $222,313 million; Treasury accepted $75,000 million, including $212 million of noncompetitive tenders from the public. The high bank discount rate was 5.285 percent. 

**Auction of 1-Year 11-Month 0.17 Percent FRNs**

On November 16, 2023, Treasury announced it would auction $26,000 million of 1-year 11-month 0.17 percent FRNs. The issue was to raise new cash of approximately $26,000 million. 

The 1-year 11-month 0.17 percent FRNs of Series BK-2025 were dated October 31 and issued November 24. They are due October 31, 2025, with interest payable on January 31, April 30, July 31, and October 31 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET for competitive tenders on November 21. Tenders totaled $73,736 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.200 percent with an equivalent price of $99.940709. Treasury accepted in full all competitive tenders at discount margins lower than 0.200 percent. Tenders at the high discount margin were allotted 0.52 percent. The median discount margin was 0.180 percent, and the low discount margin was 0.100 percent. Noncompetitive tenders totaled $22 million. Competitive tenders accepted from private investors totaled $25,978 million. Accrued interest of $0.369193575 per $100 must be paid for the period from October 31 to November 24. 

**Auction of 42-Day Cash Management Bills**

On November 22, 2023, Treasury announced it would auction $70,000 million of 42-day bills. They were issued November 30 and will mature January 11, 2024. The issue was to refund $233,963 million of all maturing bills and to raise new cash of approximately $23,037 million. Treasury auctioned the bills on November 28. Tenders totaled $204,097 million; Treasury accepted $70,001 million, including $201 million of noncompetitive tenders from the public. The high bank discount rate was 5.285 percent. 

**Auction of 52-Week Bills**

On November 22, 2023, Treasury announced it would auction $44,000 million of 364-day Treasury bills. They were issued November 30 and will mature November 29, 2024. The issue was to refund $233,963 million of all maturing bills and to raise new cash of approximately $23,037 million. Treasury auctioned the bills on November 28. Tenders totaled $156,703 million; Treasury accepted $44,000 million, including $1,655 million of noncompetitive tenders from the public. The high bank discount rate was 4.935 percent. 

In addition to the $44,000 million of tenders accepted in the auction process, Treasury accepted $3,309 million from FRBs for their own accounts. 

**Auction of 20-Year Bonds**

On November 16, 2023, Treasury announced it would auction $16,000 million of 20-year bonds. The issue was to refund $105,708 million of securities maturing November 30 and to raise new cash of approximately $73,292 million. 

The 20-year bonds of November 2043 were dated November 15 and issued November 30. They are due November 15, 2043, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 4-3/4 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on November 20. Tenders totaled $41,214 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.780 percent with an equivalent price of $99.612655. Treasury accepted in full all competitive tenders at yields lower than 4.780 percent. Tenders at the high yield were allotted 18.63 percent. The median yield was 4.730 percent, and the low yield was 4.680 percent. Noncompetitive tenders totaled $169 million. Competitive tenders accepted from private investors totaled $15,831 million. Accrued interest of $1.95742 per $1,000 must be paid for the period from November 15 to November 30. 

In addition to the $16,000 million of tenders accepted in the auction process, Treasury accepted $184 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2043 is $100. 

**Auction of 9-Year 8-Month 1-3/8 Percent TIPS**

On November 16, 2023, Treasury announced it would auction $15,000 million of 9-year 8-month 1-3/8 percent TIPS. The issue was to refund $105,708 million of securities maturing November 30 and to raise new cash of approximately $73,292 million. 

The 9-year 8-month 1-3/8 percent TIPS of Series D-2033 were dated July 15 and issued November 30. They are due July 15, 2033, with interest payable on January 15 and July 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on November 21. Tenders totaled $34,737 million; Treasury accepted $15,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.180 percent with an equivalent adjusted price of $94.285157. Treasury accepted in full all competitive tenders at yields lower than 2.180 percent. Tenders at the high yield were allotted 39.79 percent. The median yield was 2.078 percent, and the low yield was 1.990 percent. Noncompetitive tenders totaled $52 million. Competitive tenders accepted from private investors totaled $14,948 million. Adjusted accrued interest of $5.22509 per $1,000 must be paid for the period from July 15 to November 30. Both the unadjusted price of $93.043033 and the unadjusted accrued interest of $5.15625 were adjusted by an index ratio of 1.01335, for the period from July 15 to November 30. 

In addition to the $15,000 million of tenders accepted in the auction process, Treasury accepted $173 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series D-2033 is $100. 

**Auction of 2-Year Notes**

On November 22, 2023, Treasury announced it would auction $54,000 million of 2-year notes. The issue was to refund $105,708 million of securities maturing November 30 and to raise new cash of approximately $73,292 million. 

The 2-year notes of Series BL-2025 were dated and issued November 30. They are due November 30, 2025, with interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 4-7/8 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET for competitive tenders on November 27. Tenders totaled $136,948 million; Treasury accepted $54,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.887 percent with an equivalent price of $99.977397. Treasury accepted in full all competitive tenders at yields lower than 4.887 percent. Tenders at the high yield were allotted 70.15 percent. The median yield was 4.830 percent, and the low yield was 4.788 percent. Noncompetitive tenders totaled $706 million. Competitive tenders accepted from private investors totaled $53,294 million. 

In addition to the $54,000 million of tenders accepted in the auction process, Treasury accepted $622 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BL-2025 is $100. 

**Auction of 5-Year Notes**

On November 22, 2023, Treasury announced it would auction $55,000 million of 5-year notes. The issue was to refund $105,708 million of securities maturing November 30 and to raise new cash of approximately $73,292 million. 

The 5-year notes of Series AG-2028 were dated and issued November 30. They are due November 30, 2028, with interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 4-3/8 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on November 27. Tenders totaled $135,453 million; Treasury accepted $55,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.420 percent with an equivalent price of $99.800095. Treasury accepted in full all competitive tenders at yields lower than 4.420 percent. Tenders at the high yield were allotted 96.29 percent. The median yield was 4.365 percent, and the low yield was 4.310 percent. Noncompetitive tenders totaled $199 million. Competitive tenders accepted from private investors totaled $54,801 million. 

In addition to the $55,000 million of tenders accepted in the auction process, Treasury accepted $634 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AG-2028 is $100. 

**Auction of 7-Year Notes**

On November 22, 2023, Treasury announced it would auction $39,000 million of 7-year notes. The issue was to refund $105,708 million of securities maturing November 30 and to raise new cash of approximately $73,292 million. 

The 7-year notes of Series S-2030 were dated and issued November 30. They are due November 30, 2030, with interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 4-3/8 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on November 28. Tenders totaled $95,256 million; Treasury accepted $39,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.399 percent with an equivalent price of $99.856744. Treasury accepted in full all competitive tenders at yields lower than 4.399 percent. Tenders at the high yield were allotted 68.99 percent. The median yield was 4.319 percent, and the low yield was 4.260 percent. Noncompetitive tenders totaled $352 million. Competitive tenders accepted from private investors totaled $38,648 million. 

In addition to the $39,000 million of tenders accepted in the auction process, Treasury accepted $449 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series S-2030 is $100. 

**DECEMBER**

**Auction of 42-Day Cash Management Bills**

On November 30, 2023, Treasury announced it would auction $70,000 million of 42-day bills. They were issued December 7 and will mature January 18, 2024. The issue was to refund $201,995 million of all maturing bills and to raise new cash of approximately $11,005 million. Treasury auctioned the bills on December 5. Tenders totaled $212,950 million; Treasury accepted $70,001 million, including $267 million of noncompetitive tenders from the public. The high bank discount rate was 5.285 percent. 

**Auction of 42-Day Cash Management Bills**

On December 7, 2023, Treasury announced it would auction $70,000 million of 42-day bills. They were issued December 14 and will mature January 25, 2024. The issue was to refund $201,996 million of all maturing bills and to raise new cash of approximately $11,004 million. Treasury auctioned the bills on December 12. Tenders totaled $199,394 million; Treasury accepted $70,001 million, including $247 million of noncompetitive tenders from the public. The high bank discount rate was 5.285 percent. 

**Auction of 3-Year Notes**

On December 7, 2023, Treasury announced it would auction $50,000 million of 3-year notes. The issue was to refund $44,215 million of securities maturing December 15 and to raise new cash of approximately $63,785 million. 

The 3-year notes of Series AV-2026 were dated and issued December 15. They are due December 15, 2026, with interest payable on June 15 and December 15 until maturity. Treasury set an interest rate of 4-3/8 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET for competitive tenders on December 11. Tenders totaled $120,797 million; Treasury accepted $50,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.490 percent with an equivalent price of $99.680564. Treasury accepted in full all competitive tenders at yields lower than 4.490 percent. Tenders at the high yield were allotted 73.47 percent. The median yield was 4.430 percent, and the low yield was 4.360 percent. Noncompetitive tenders totaled $245 million. Competitive tenders accepted from private investors totaled $49,555 million. The minimum par amount required for STRIPS of notes of Series AV-2026 is $100. 

**Auction of 9-Year 11-Month 4-1/2 Percent Notes**

On December 7, 2023, Treasury announced it would auction $37,000 million of 9-year 11-month 4-1/2 percent notes. The issue was to refund $44,215 million of securities maturing December 15 and to raise new cash of approximately $63,785 million. 

The 9-year 11-month 4-1/2 percent notes of Series F-2033 were dated November 15 and issued December 15. They are due November 15, 2033, with interest payable on May 15 and November 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on December 11. Tenders totaled $93,600 million; Treasury accepted $37,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.296 percent with an equivalent price of $101.626935. Treasury accepted in full all competitive tenders at yields lower than 4.296 percent. Tenders at the high yield were allotted 22.95 percent. The median yield was 4.224 percent, and the low yield was 4.150 percent. Noncompetitive tenders totaled $112 million. Competitive tenders accepted from private investors totaled $36,888 million. Accrued interest of $3.70879 per $1,000 must be paid for the period from November 15 to December 15. The minimum par amount required for STRIPS of notes of Series F-2033 is $100. 

**Auction of 29-Year 11-Month 4-3/4 Percent Bonds**

On December 7, 2023, Treasury announced it would auction $21,000 million of 29-year 11-month 4-3/4 percent bonds. The issue was to refund $44,215 million of securities maturing December 15 and to raise new cash of approximately $63,785 million. 

The 29-year 11-month 4-3/4 percent bonds of November 2053 were dated November 15 and issued December 15. They are due November 15, 2053, with interest payable on May 15 and November 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on December 12. Tenders totaled $51,011 million; Treasury accepted $21,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.344 percent with an equivalent price of $106.755520. Treasury accepted in full all competitive tenders at yields lower than 4.344 percent. Tenders at the high yield were allotted 93.57 percent. The median yield was 4.280 percent, and the low yield was 4.230 percent. Noncompetitive tenders totaled $67 million. Competitive tenders accepted from private investors totaled $20,933 million. Accrued interest of $3.91484 per $1,000 must be paid for the period from November 15 to December 15. The minimum par amount required for STRIPS of bonds of November 2053 is $100. 

**Auction of 42-Day Cash Management Bills**

On December 14, 2023, Treasury announced it would auction $70,000 million of 42-day bills. They were issued December 21 and will mature February 1, 2024. The issue was to refund $201,992 million of all maturing bills and to raise new cash of approximately $11,008 million. Treasury auctioned the bills on December 19. Tenders totaled $211,377 million; Treasury accepted $70,001 million, including $249 million of noncompetitive tenders from the public. The high bank discount rate was 5.270 percent. 

**Auction of 52-Week Bills**

On December 21, 2023, Treasury announced it would auction $44,000 million of 364-day Treasury bills. They were issued December 28 and will mature December 26, 2024. The issue was to refund $236,007 million of all maturing bills and to raise new cash of approximately $20,993 million. Treasury auctioned the bills on December 26. Tenders totaled $144,006 million; Treasury accepted $44,000 million, including $1,428 million of noncompetitive tenders from the public. The high bank discount rate was 4.595 percent. 

In addition to the $44,000 million of tenders accepted in the auction process, Treasury accepted $1,519 million from FRBs for their own accounts. 

**Auction of 42-Day Cash Management Bills**

On December 21, 2023, Treasury announced it would auction $70,000 million of 42-day bills. They were issued December 28 and will mature February 8, 2024. The issue was to refund $236,007 million of all maturing bills and to raise new cash of approximately $20,993 million. Treasury auctioned the bills on December 27. Tenders totaled $199,431 million; Treasury accepted $70,002 million, including $184 million of noncompetitive tenders from the public. The high bank discount rate was 5.280 percent. 

**Auction of 4-Year 10-Month 2-3/8 Percent TIPS**

On December 14, 2023, Treasury announced it would auction $20,000 million of 4-year 10-month 2-3/8 percent TIPS. The issue was to raise new cash of approximately $46,000 million. 

The 4-year 10-month 2-3/8 percent TIPS of Series AE-2028 were dated October 15 and issued December 29. They are due October 15, 2028, with interest payable on April 15 and October 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on December 21. Tenders totaled $51,040 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.710 percent with an equivalent adjusted price of $103.513682. Treasury accepted in full all competitive tenders at yields lower than 1.710 percent. Tenders at the high yield were allotted 90.05 percent. The median yield was 1.640 percent, and the low yield was 1.590 percent. Noncompetitive tenders totaled $48 million. Competitive tenders accepted from private investors totaled $19,952 million. Adjusted accrued interest of $4.88885 per $1,000 must be paid for the period from October 15 to December 29. Both the unadjusted price of $103.046880 and the unadjusted accrued interest of $4.86680 were adjusted by an index ratio of 1.00453, for the period from October 15 to December 29. The minimum par amount required for STRIPS of TIPS of Series AE-2028 is $100. 

**Auction of 1-Year 10-Month 0.17 Percent FRNs**

On December 21, 2023, Treasury announced it would auction $26,000 million of 1-year 10-month 0.17 percent FRNs. The issue was to raise new cash of approximately $46,000 million. 

The 1-year 10-month 0.17 percent FRNs of Series BK-2025 were dated October 31 and issued December 29. They are due October 31, 2025, with interest payable on January 31, April 30, July 31, and October 31 until maturity. 

Treasury received tenders for the FRNs before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on December 27. Tenders totaled $76,302 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.250 percent with an equivalent price of $99.854493. Treasury accepted in full all competitive tenders at discount margins lower than 0.250 percent. Tenders at the high discount margin were allotted 89.39 percent. The median discount margin was 0.229 percent, and the low discount margin was 0.150 percent. Noncompetitive tenders totaled $26 million. Competitive tenders accepted from private investors totaled $25,974 million. Accrued interest of $0.904351416 per $100 must be paid for the period from October 31 to December 29.